Marine coatings are used in commercial and military ships (for both salt and fresh water), fixed and floating marine structures such as offshore oil rigs, and recreational boats and yachts. Some of them are passenger ships, freighters, tankers, container ships, fishing boats and ferries, as well as oil rigs, inland waterway ships, barges, and tow boats. They are designed with particular functionality properties to best protect and preserve the surfaces to which they are applied. Specific areas of marine vessels and yachts require specially formulated marine coatings for use above and below the waterline. For instance, anti-fouling coatings which protect surfaces from fouling are highly engineered and subject to intense regulation.

The marine coatings market is projected to grow at a CAGR of more than 6.8% over the period 2014–2019, in terms of volume. One of the key factors contributing to this market growth is the expansion of the oil & gas market. Also, ships in the oceans are subject to harsh environments and the constant need for their maintenance and repair can be a significant driver to sustain market demand in the years to come. The market has also been witnessing the growing consumer preference for eco-friendly products; however, the strict environmental regulations could pose a challenge to the growth of this market.

The Asia-Pacific region remains the largest market for marine coatings, followed by EMEA (Europe, The Middle East & Africa), and America which are comparatively a small market as compared to Asia-Pacific. The Asia-Pacific market is projected to reach $8.6 billion by 2019.

This report aims to estimate the market size of marine coatings for 2014 and to project its expected demand till 2019. This market research study provides a detailed qualitative and quantitative analysis of the market. We have used various secondary sources, such as encyclopedias, directories, and databases to identify and collect information useful for this extensive commercial study of the market. The primary sources experts from related industries and suppliers–have been interviewed to obtain and verify critical information as well as to assess the future prospects of the market.

Competitive scenarios of the top players in the market have been discussed in detail. We have also profiled the leading players of this industry with their recent developments and other strategic industry activities. These top companies include: The Sherwin-Williams Co., Akzo Nobel NV, Chugoku Marine Paints Ltd., Jotun A/S, and PPG Industries Inc. Other prominent players are BASF SE, Hempel A/S, Kansai paint Co. Ltd., and Nippon Paint Marine Coatings Co. Ltd.

Scope of the report

This research report categorizes the market on the basis of product type and region in terms of volume and value and analyzing trends in each of the sub-markets.

On the basis of product type: The market is segmented by type of products, such as anti-corrosive coatings, anti-fouling coatings, and others. Each of these products is further described in detail in the report with volume and value forecasts as well.

On the basis of chemistry: The market is segmented based on chemistry, such epoxy-based marine coatings, polyurethane-based marine coatings, and others. Each product based on chemistry is further described in detail in the report with volume and value forecasts as well.

On the basis of region: The market is segmented by key regions Asia-Pacific, EMEA, and America and for key countries within these regions.

The marine coatings market is projected to register a CAGR of 8.9% between 2014 and 2019 to reach $10.4 billion in terms of value.

Marine coatings are specifically formulated to protect and restore all surfaces of marine craft from salt water and air as well as UV degradation from the sun. They protect metals, such as stainless steel, brass, copper, and chrome from oxidization, corrosion, and staining, above and below deck. They also protect marine ships, vessels, and structures from fouling. Without anti-fouling coatings, it takes about 60 seconds until unwanted organisms begin to settle on the ship hull. Consequently, marine coatings have to be highly corrosion-resistant and must prevent the fouling of ship structure especially below the waterline. Legislation, environment-friendliness, and costumer demands challenge the coatings formulator these days.

The global market by type is broadly segmented into anti-corrosive, anti-fouling, and other marine coatings. The anti-corrosive segment accounted for the largest size of the market and is projected to grow at the highest CAGR between 2014 and 2019, in terms of volume. Anti-corrosive marine coatings are slated for high growth due to their favorable cost and enhanced performance. The global anti-fouling market is witnessing a CAGR of more than 6% during the period of study. The need to lower fuel consumption is a strong market driver for anti-fouling marine coatings and applied to ships' hulls offer a way to combat emissions and reduce fuel consumption.

The marine coatings based on chemistry are epoxy, polyurethane, and others. Epoxy accounted for the largest share of the market in 2013, in terms of volume; while the market share for polyurethane-based marine coatings in 2013, in terms of volume, was 19%.

Asia-Pacific dominated the marine coatings market followed by EMEA (Europe and Middle East & Africa). Robust growth in the ship building industry and offshore engineering are likely to boost the consumption of marine coatings and fuel its market in Asia-Pacific. The increasing maintenance of vessels and repair at sea from wear and tear, as well as new ship manufacturing are expected to be primary drivers for this market. China, South Korea, and Japan are the leading consumers in the Asia-Pacific region. These three countries accounted for more than 80% of the overall consumption in Asia-Pacific in 2013. Thailand and Singapore are also emerging markets in the industry. However, the strict environmental regulations could pose a challenge to the growth of this market.

This report covers the market by key regions and chief countries in each region. It also provides a detailed segmentation of the marine coatings market on the basis of product type and based on chemistry along with projections till 2019.

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